Tremont West Development Corporationnn

TREMONT WEST DEVELOPMENT CORPORATION
BOARD OF DIRECTORS MEETING
FEBRUARY 16, 2006

Present: Scott Nagy, Jon Boylan, Karen Moss, Chris Krosel, Nina Swerdlow, Sandy Smith, Phil Pavarini, Sammy Catania, Lynn McLaughlin Murray, Becca Riker

Excused: Bill Blough, Marcia Leslie, R. Vinci

S. Nagy, in the absence of President Vinci, opened the meeting at 6 p.m.

Minutes of January Meeting: S. Catania questioned whether the absence of two directors had been excused or unexcused. C. Gilson clarified that R. Vinci's absence had been unexcused; N. Romanoff had been excused for the January meeting. With these corrections, K. Moss moved to approve the January Minutes. Sammy Catania seconded. All voted in favor.

Election of TWDC Officers: After discussion, the Board unanimously moved to unanimously elect Sammy Catania as first vice president; Scott Nagy as second vice president, Chris Krosel as secretary, and Jon Boylan as treasurer. All the terms are for one year. After the election, S. Catania took over the meeting as presider.

Economic Development:
2406 Professor - There is a $35,000 cost overrun due to unexpected construction costs and repairs. NPI has offered TWDC a $35,000 grant to cover these costs because of the affordable housing units and creation of community space that 2406 provides. The City is providing us with a $10,000 loan provided we design a distinctive storefront and utilize green technology such as solar panels. Two apartments have been completed and one is leased. Storefront demolition is complete.

Valleyview Rental Units - Design Review Panel has granted preliminary approval. Design will be presented to the Planning Commission.

Finance:
TWDC's loan to 2406 Professor LLC will be reflected in the February financials. NPI will pay for a continuing education seminar to help our directors interpret financial reports and related information.

Fund-raising:
Chair Rosemary Vinci has scheduled a meeting for March 15th at 6 p.m.

Long Range Planning/Tremont Neighborhood Plan (New Business):
We now have a signed contract with City Architecture. Resident Surveys feature elements of a SWOT analysis . Means of distributing surveys utilizing block clubs, libraries, businesses, churches, clubs, were discussed.

Development Committee to meet jointly with Long Range Planning Committee-March 9th.

Organization:
Block Club and other community events are mentioned in director's report. Friends of Clark Field have invited TWDC Board and staff to participate in soft ball game.

Property Management:
It was noted that CHN will not develop any new projects this tax year due to the fact they were not awarded credits. The resulting change favors larger developers.

Tremont Neighborhood Strategic Investment Initiative:
VCC is willing to advance TWDC a $100,000 line of credit for property acquisition in the strategic planning area. No fees accrue unless funds are actually used. One percent fee is due at loan closing. Board approval is needed. S. Nagy moved that the TWDC Board of Directors formally request a $100,000 line of credit from the VCC in support of land acquisition in the strategic planning area and that Board authorize Colleen Gilson to file an application for said line of credit, and if approved, accept. Lynn McLaughlin Murray seconded this. All voted in favor.

Budget 2006-2007:
C. Gilson summarized the upcoming budget process. In the past, CBDG grants provided TWDC with $74,000 a year. This amount may be reduced by ten percent. A Board resolution is needed to formally apply for CBDG funds. As part of this application, the City requires that all Board members review and sign a conflict of interest statement. The proposal for CBDG funding is due March 10th.S. Nagy moved that the Board empower C. Gilson to complete the application for CBDG funds and that President Vinci serve as the authorized signer of the application on behalf of the Board. K. Moss seconded. All voted in favor.

New Business:
Board Committee. C. Gilson briefly outlined the committee responsibilities. A sign-up sheet was circulated.

Innerbelt Reconstruction. A public meeting on February 21st will air ODOT's plan to modify and close some of the downtown ramps. This plan will severely impact businesses and institutions in the Midtown corridor and the Cleveland economy. The Midtown CDC has come up with an alternative proposal. Various CDC's are rallying public support for the Midtown effort. Lynn McLaughlin Murray moved that the TWDC Board support the alternate plan for the re-alignment of downtown ramps created by the Midtown Cleveland, Inc. and that we make our stance known to ODOT. C. Krosel seconded. All voted in favor.

S. Catania mentioned that the North of Literary Block Club is studying the Civility Project of Cleveland Heights.